Another tip - I wouldn't listen to a word CNBC says, it's a marketing and financial entertainment channel, nothing more.
Have you noticed for example what they excel at - they're great at predicting the present............
Another tip - I wouldn't listen to a word CNBC says, it's a marketing and financial entertainment channel, nothing more.
Have you noticed for example what they excel at - they're great at predicting the present............
M0 - then give me half your money, you keep half and you'll get a far better result than if you continue trading because you're going to lose it all as you're gambling and not trading, in fact you're so far away from trading it's unreal.
Good luck anyways.
Mo, try listening to what Angley says so well. I 100% agree with this.
The fact that you stayed up watching til 3:42am (!) shows that you are "hoping" things turn out right... ie.GAMBLING! Using a proper trading system with risk management you are not "hoping", losses are just the norm as wins are, just the risk management makes sure you make a profit.
Lord Flasheart
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Have to agree with whats been said. im sure your intentions are good,but your methods and discipline not.youve been up watching that trade sitting and hoping.Mate weve all been there.It really time to go back to the drawing board.There are many willing to help.
You cant possibly make money with that method,small targets,no stops,leave over the weekend.Now I think you know why we are so hot on people trying to flog newbies poor systems
You cant possibly make money with that method,small targets,no stops,leave over the weekend.Now I think you know why we are so hot on people trying to flog newbies poor systems
barjon
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Mo
Think outside the box by all means, but also keep in mind that the norms and accepted methods of trading are there for good reason and are the cornerstones of successful trading.
You might also reflect that one of the traits of novice and/or unsuccessful traders is an over-keenness to take a profit at the one end and an extreme reluctance to take a loss at the other.
I'm still struggling to understand your confidence in the trend direction part of your system. Why do you not obey what it tells you until it tells you differently when you would close the bet you have made - win or loss.
cheers
jon
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Hi
It is not unreal to me, I believe in it.
As for giving you half of my money - I will refrain thank you because I can lose my own money as good as you can - probably better.!!!!!
Hi
It is not unreal to me, I believe in it.
As for giving you half of my money - I will refrain thank you because I can lose my own money as good as you can - probably better.!!!!!
Hi jon
You are always constructive but, as I keep indicating, my methods do go against accepted practice and until I am proven wrong (ie I am taken out big time) I will stick to it. I have trialled my trend indicator in a 'multiple change direction' mode and it does not work as good as when it is used at the beginning (ish) of the trading day.
How is that you stayed up until 3.40am watching a trade to take 15pt profit, yet earlier had seemed quite blase about sitting on a loss of over 100pt? For the good of your health and bank balance, please switch to paper trading!
PS. I think you should have stayed with the long.
PS. I think you should have stayed with the long.
Hi Anley
I agree, in the main, with you but I do glean some titbits from them. I especially admire (rightly or wrongly) Art Cashin - he has a great sense of dry humour, talks a lot of sense, and I appreciate his Dow guidance. On the other hand I can't stand the extra loud conversations that the regular commentators sometimes indulge in.
Hi Ross Spur
I didn't stay up to 3.40am to take a 15pt profit BUT if it was guaranteed in the early hours of every trading day, I would happily do so.
The reason I stayed up was because I had an open trade and the market was open - if it meant staying up all night I would have done so. One of the benefits of being retired is the opportunity to sleep when I want to.
I hope you are right about the Long.
Mobanded
With regard to paper trading - been there, done that and it was not a waste of time because I came up with my current system which I believe will be profitable.
Hi leonarda
I do NOT for one minute agree with your interpretation of what I was doing 'til 3.42am. My version is that I was keeping an eye on my open trade because I try hard not to be away from the market when it is open. Ask yourself if you would leave an open position if you knew that market was going to be trading for the same length of time that you were sleeping.
Finally, some members, like yourself, suggest I should be trading "systems with risk management incorporated" . Perhaps someone would like to suggest one such system, do a ten day trial in realtime, like I am, and prove to me (like I am trying to do for you) that it makes profits.
Mobanded
I have trades open for weeks on end thank you, and I sleep well! but I work on different time frames to you!
I would not suggest a published risk management "System", I would not even suggest my own system to you. You need to develop "your own" risk management. Taking other peoples Systems doesn't always work (even if it works for them), as you need to be in-tune with it and comfortable you understand it and are happy with it. If you develop your own risk management controls, you should be happy with them, especially when they perform consistently. All we suggest is you use the "suggested tools" to develop your own risk control, ie.position sizing, stop losses, risk:reward, etc.. the exact way you develop/use these is up to you.
A ten day trial might not prove much. You could have a good patch and be 100% up, or more, while the risk-managed strat could be a few percent down.
I paper-traded various wide stop or no-stop ideas and some of them worked brilliantly, perhaps for months. Sadly, however, they all eventually resulted in disaster. Given an unlimited account balance and a 'never close a loser' attitude they could still be running, of course, but that wouldn't mean they made any sense.
I paper-traded various wide stop or no-stop ideas and some of them worked brilliantly, perhaps for months. Sadly, however, they all eventually resulted in disaster. Given an unlimited account balance and a 'never close a loser' attitude they could still be running, of course, but that wouldn't mean they made any sense.
Hi leonarda
I have trades open for weeks but I call them Investments as opposed to spread betting.
I think I comply with what you suggest is the basis for a risk managed system:
1. I use a system which I am comfortable with and which I fully understand.
2. My risk management is based on a hypothetical 200 pip stop loss and I am happy that it works for me.
3. My position sizing of 10 pips is in line my criteria in 2 above.
4. I sleep well when I choose to.
4. Most importantly is it makes me money
Regards
mobanded
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Hi Ross Spur
I hear what you are saying and I would say this; although I haven't specifically mentioned it I assumed that everyone would realise that from time, if my account was in excess of £2k then I would transfer the residue to my bank account and leave only the £2k pot in play.
How does your 'worked brilliantly, perhaps for months' scenario fit in with what I have just said.
Regards
Mobanded
Hi Ross Spur
I hear what you are saying and I would say this; although I haven't specifically mentioned it I assumed that everyone would realise that from time, if my account was in excess of £2k then I would transfer the residue to my bank account and leave only the £2k pot in play.
How does your 'worked brilliantly, perhaps for months' scenario fit in with what I have just said.
Regards
Mobanded
That's good, but a 100% stop loss I am not sure is risk control! So when you get 3 losers in a row that's going to cost you 300% of your account, in other words funding the £2k account 3 times or £6k !!
I guess you're going to tell me you won't get 3 losers in a row?
As you ask, I fear it would mean your account would be blown in days rather than months.
Hi leonarda
I can tell you that I will never suffer 3 losers with a 200 pip stop loss - my reason is because I would be out after the first 200 loss and would not repeat it. I would consider it a failure of my system and look elsewhere.
You are probably right that my risk control is dodgy. But perhaps you should consider this: What if, as has already happened once, I bank a few £'s of profit over a period of time and instead of the money being in my spreadbetting account it is moved to my bank account. Can I reasonably assume that the money moved to my bank can be used together with my sb account balance to determine my risk. i.e. If I have £2k in my sb account and a further £2k profit in my bank, and I trade £10 a time, what should I conside as my risk control? Ir is a negligible exercise to me and I don't consider it. I'm stuck in my ways - for the moment at least!
Regards
Mobanded
